Within a few years, Andersen moved from one of the largest professional service organizations in the world to almost complete collapse. The impact of the firm's failure on its employees, customers, investors, and the general public is hard to overstate. The once proud reputation had been reduced to shambles.
Read the case study titled Nextcard, Inc. Write a four to five page paper in which you: Given PCAOB oversight of accounting firms and the AICPA Code of Conduct, discuss whether or not you believe that public accounting firms can successfully manipulate audit work papers and records of clients engaged in fraudulent activity.
Analyze the fraud risk factors presented during the Nextcard audit and how each should have impacted the audit procedures. In the Nextcard case, discuss how Ernst Young motivation to destroy the audit work papers reconciles with its obligation to provide assurances to financial investors.
Assume the role of Oliver Flanagan in the case. Identify the actions you would have taken when Robert Trauger asked you to help him alter the Nextcard audit work papers. In answering this question, discuss alternative courses of action available to you. Search the Internet for a public accounting firm that recently destroyed audit evidence related to a client.
Identify the public accounting firm and evaluate the punishment that the firm received for the Professional Code of Conduct violation.
Evaluate the severity of the punishment to determine whether you agree or disagree with the severity. Use at least three 3 quality resources in this assignment.NextCard a credit card issuer to exploit growing e-commerce market in the USA.
It was founded in , saw a successful initial public offering in , and became a subsidiary of metin2sell.com, the largest online store. was a year of growth for NextCard, with the number of accounts more than three times, nearly three-quarters of a million. The issuing bank was known as NextBank and was fully owned by NextCard, metin2sell.comrd, Inc.
was started during the Internet boom of the late s.
Jeremy and Molly Lent, a married couple, founded the company in as Internet Access Financial Corporation, later changing the name to NextCard in Nextcard, Inc. Jeremy Lent lunched a company named Nextcard. Inc. aims to earn money by helping people get credit card more conveniently. But there is two huge flaws in this strategy, first, the way nextcard to obtain new customers proved to be much higher than the figure Lent had originally projected.
NextCard a credit card issuer to exploit growing e-commerce market in the USA.
It was founded in , saw a successful initial public offering in , and became a subsidiary of metin2sell.com, the largest online store. was a year of growth for NextCard, with the number of accounts more than three times, nearly three-quarters of a million.
Case NextCard Inc. Bryan Seabrook Saint Leo University Advanced Auditing ACCCL02 Angela Sneed 28 March Case NextCard Inc. When consumers and companies decide to invest in a company they are putting all of our trust in the companies that they are buying the stock from and the audit firms that audit those companies.
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